3 Table of contents Section Overview Page 4.5 Agro-food and food-processing industry Water and waste treatment Life sciences Leather and textile 60 5 Incentives, schemes and financial instruments in India Government incentives and schemes Financial instruments offered by Italian actors Instruments offered by international actors Assisting Italian companies to enter the Indian market 74 6 Conclusion 77 Appendices 1 How to set up a business in India 80 2 A guide to exporting to India 84 3 India as a source of investment 88 4 Methodology 94 5 Glossary 96

4 Message of the Ambassador of Italy, H.E. Giacomo Sanfelice di Monteforte As Italian companies strive to counter the effects of the European financial and economic crisis, they can explore new opportunities in the dynamism of the Indian market the second fastest growing country among the leading emerging economies. And from India s perspective, Italy can constitute a crucial counterpart in its pursuit of a more sustainable and inclusive growth path. For both countries, achieving their economic development objectives will require driving their manufacturing industries towards higher levels of efficiency, innovation and competitiveness. To that end, the SME sector, the backbone of both the Indian and the Italian economies, will have a decisive role to play. This mix of structural affinities and convergent economic interests calls for the attention of Italian institutions and businesses alike. Since the initial stages of liberalisation of the Indian economy in the early 90s, Indo-Italian economic exchanges have constantly followed a positive trajectory. In 2011, in spite of the global economic downturn, bilateral trade between India and Italy had grown by a robust 18% and the performance of Indian exports to Italy, with a 25% increase had been particularly impressive. Overall, Italy is the fourth largest European exporter to India after Germany, Belgium, the UK and ahead of France. FDI has also continued to flow in both directions, although at a slower pace. However, when one looks at what Italy and India could represent for each other, one must recognise that we are still at the beginning of our journey. India still accounts for a limited share, of around 1%, of global Italian imports and exports with the rest of the world. According to official Indian sources, cumulative Italian FDI to India in the last decade is 840 million EUR, against 12 billion EUR from the UK, 3.5 billion EUR from Germany and 2 billion EUR from France. European sources estimate more substantial flows of Italian cumulative investment to India (around 2 billion EUR). This still represents a share of only around 5% of the overall EU investment in India. This data reiterates that the integration potential between the two economies remains vastly untapped. Destination India is intended as a tool to support Italian companies in the Indian market and help them assess the opportunities offered by the second fastest growing economy in the world. The analysis is based on a two-pronged approach. It focuses on strategic states as well as strategic sectors, highlighting their respective strengths and competitive advantages. Moreover, Destination India is the first attempt to collect coherent information on the Italian business presence in India. Italian companies operating in India are tracked in the document on the basis of their location, sector and mode of operation. Destination India is conceived as a living document, that will be constantly revised and updated. We trust Italian exporters and investors will appreciate the effort that offers them a user-friendly and practical working instrument. We welcome any comment and suggestion that may enable us to improve it and add to its value over time. Giacomo Sanfelice di Monteforte Ambassador of Italy in India

5 Acknowledgements This study has been carried out by the Commercial Section of the Embassy of Italy in New Delhi (www.ambnewdelhi.esteri.it), in partnership with PricewaterhouseCoopers India (http://www.pwc.com/in). The work has been coordinated by: Gianluca Brusco, Head of the Economic and Commercial Section, Embassy of Italy in India Elisabetta Holsztejn Tarczewski, First Secretary, Embassy of Italy in India Special thanks for collaboration and contribution: PricewaterhouseCoopers Private Limited Luca Antonelli, Banca d Italia, Financial Attaché at the Embassy of Italy in India SACE, SIMEST, Indo Italian Chamber of Commerce, ICE, Consulate General of Italy in Mumbai Consulate General of Italy in Kolkata

6 Objective Objective Destination India is a dossier with key information needed to evaluate the opportunities offered by the fast-growing Indian market for Italian companies. Selectiveness of information and readability has been emphasised more than detail and comprehensiveness. We have sought to direct the attention of the reader towards sectors and geographic poles of the Indian market in the light of specific factors. These include positive demand drivers, availability of infrastructure and resources, ease of doing business and existing presence of Italian investments. The objective is to offer Italian businesses and entrepreneurs a reference guide for strategic decisions on the Indian market. The information contained in this dossier is for reference only, and does not constitute professional advice. Any course of action or strategic decision will need to be supported with due professional advice and specific analysis. The Embassy of Italy in India and PwC do not assume any responsibility or liability to any reader of this publication in respect of the information contained within it. Report outline After a brief introduction of the main geographic, economic, political and social features of India, Destination India highlights the status of India-Italy commercial and economic relations and prevailing trends in Italian investment into India. The central part of the dossier outlines select attractive regions within India for Italian trade and investment, with their key strengths and advantages. The document also has snapshots of select strategic sectors that mirror the competitive advantages of the Italian manufacturing and industrial environment. These include automotive, infrastructure, energy and renewable energy, agro-food and food-processing, water and water treatment, life sciences, leather and textile. The last chapter focuses on the institutional support network available to Italian companies operating in India. The appendices complement the dossier by shedding light on three critical aspects of doing business in India--how to set up a business in India, how to export to India and the emergence of India as a source of international investment. 1

9 Section 1 Introduction to India India, a union of states, is a sovereign, secular, democratic republic with a parliamentary system of government Political structure The President is the constitutional head of Executive of the Union and the Prime Minister is the head of the central or federal government in India. In the states, the Governor, as the representative of the President, is the head of Executive while the Chief Minister is the head of the state government. There are 28 states and seven union territories in the country. The union territories are administered by the President through an administrator appointed by him or her. The President is elected for a five-year term by an electoral college consisting of elected members of both houses of Parliament and the legislatures of the states. India is the world s largest democracy and holds legislative elections every five years to elect the federal government. The Prime Minister is chosen by parliamentary members of the party that wins the majority of the legislative seats at these elections. Source: PwC analysis, CIA World Fact Book, Government of India Administrative structure in India State governments (28) (Chief Minister - Governor) Blocks (District council Tehsildar) Villages (District council Sarpanch) Central government* (Prime Minister - President) Districts (State government District Collector) Municipal corporations (Mayor Commissioner) Union territories (7) ** (Central government Administrator) Wards (Elected ward councillors ) *Prime Minister - Real Head; President Executive Head Municipalities (State government - President) **Note: Delhi and Puducherry have been given partial statehood, its own elected state government, but with limited powers. 2 4

10 Section 1.1 Indian economy: An overview 5

11 Section 1.1 Indian economy An overview India has been among the fastest growing economies globally... Real GDP growth- % With the GDP averaging at 8.5% between , India has been one of the fastest growing economies. However, the pace of growth has moderated in Recently announced and pending second-generation economic reforms are expected to jumpstart growth again. Since liberalisation in 1991, India has witnessed 20 eventful years with the economy growing at a fast clip China 7 India 5 3 Brazil United States 1 United Kingdom Source: IMF World Economic Outlook Database, PwC analysis India s GDP (PPP) accounts for 6% of the world s income and is the fourth largest economy in the world in terms of real GDP. India becomes a trillion dollar economy (nominal GDP). A shift in foreign investment policy was announced, wherein except for a negative list, all the remaining foreign investments were placed under automatic route. Automatic approval route for FDI was expanded from 35 to 111 industries. Economic liberalisation from Highly regulated approach mandating licenses for private production, opening of the economy for foreign investment, reduced tariffs and interest rates. Automatic approval for FDI up to 51% in 35 high priority sectors. Reduced protectionism 6

13 Section 1.1 Indian economy An overview India offers several advantages for global companies! India as a market While demand in developed countries is stagnating, Indian consumer demand continues to India as a sourcing destination Availability of abundant raw material makes India an attractive sourcing destination. # $ India as a competitive manufacturing hub India as an R&D centre Labour cost competitiveness together with a robust manufacturing ecosystem. Availability of skilled resources with good technical and research skills makes India an attractive R&D location. 8

14 Section 1.1 Indian economy An overview India s large, young and increasingly prosperous consumer class makes it one of the most attractive markets globally. India is emerging as a key sourcing destination for service functions and manufacturing inputs c! India as a 1) A large population: India is the second most populous nation in the world and is expected to reach a population of 1.4 bn by India Europe Brazil 1.2 bn 738 mn 192 mn 2) Demographic advantage Russia 138 mn Nearly two-thirds of India s population is below 35 years of age, and India will continue to hold this demographic dividend over the next two decades, with 55% of the population being under 35 by Indians in their 20s and early 30s are the largest group of wageearners (c. 50% of total wage earning population in India). 3) Rising income levels and a growing middle class Growing disposable income (per capita disposable income has doubled between ) is leading to higher spending power of Indian households. A large and growing Indian middle-class population, with increasing aspirations, has resulted in burgeoning consumer demand. Source: US Census Bureau, NCAER, US Geological Survey, CIA World Fact Book, International Sourcing in Europe Eurostat 2009, PwC analysis India as a sourcing destination 1) Availability of raw material India is the second-largest producer of cement in the world, the fifth-largest producer of steel and the largest producer of direct reduced iron. India has abundant natural resources and is ranked among the top 10 globally for deposits in iron ore, coal and bauxite. The country also holds the leading position globally in mica, barytes (2 nd ), chromite (4 th ), kaolin (4 th ), and manganese (7 th ). Raw materials % of world reserves Coal 7.1% Iron 5% Bauxite 3.2% Petroleum 0.4% Natural gas 0.6% 2) Supplier ecosystem in place India has established its presence as a global supplier across industries such as steel, pharma, textiles, automotive components and IT solutions, among others. Findings from the International Sourcing study by Eurostat in 2009 indicated that India was among the top four destinations for sourcing for European countries to 15% of the respondents of the Eurostat 2009 survey source manufacturing inputs from India. 15 to 25% of respondents had sourced service functions from India After intra-eu countries, other European countries and China 2. Survey of enterprises having 100 employees or more across 8 countries in EU 9

15 Section 1.1 Indian economy An overview Availability of English-speaking, qualified and skilled workforce, along with economical labour costs offers strong competitive advantage for manufacturing and R&D df df # India as a competitive manufacturing hub $ 1) Labour advantage Over 735 million population between ages 15 and 59 in 2011, this is expected to grow at 2.5% per annum over the next decade. India has a literacy rate of 74%. A large English-speaking workforce with sound technical and research skills makes the labour advantage compelling. 2) Competitive labour costs Labour costs in India are competitive compared to other regions and low-cost manufacturing destinations in Europe and America. Hourly wages for unskilled labour, 2010 EUR/ hour 6 Czech Republi c 4 Poland Source: PwC Knowledge Base 5 Slovakia 2 Romani a 3 Hungary 1 India 1 Mexico India as an R&D centre 1) A technically qualified workforce India has a well-established education system with more than 20,000 universities and higher education institutes. Nearly 17 million students are enrolled in these education establishments. 1 India produces c. 2 million technology and engineering graduates per annum, and over 2.5 million post-graduates per annum. 2) Preferred R&D destination in computing, electronics, pharma and biotech Nearly one-third of CEOs interviewed as part of PwC s 15 th Annual Global CEO Survey 2 plan to augment their R&D and innovation capacity in India. 3) Companies with an R&D centre in India Microsoft India Development Centre (MSIDC) has over 1500 employees who work on products and technologies for customers worldwide. SAP set up its R&D lab in Bangalore in This is SAP s largest software development hub outside Germany. Nokia has three R&D centres in India Bengaluru, Mumbai and Hyderabad. Bengaluru in India has GE s largest research centre in the world outside the US. Source: PwC knowledge base and analysis, Euromonitor, All India Council for Technical Education, Census of India As per 2010 Annual report of Ministry of Labour and Employment 2. Survey conducted by PwC across 1258 CEOs across 60 countries 10

16 Section 2 India-Italian economic and commercial relations 11

17 Section 2 India Italian economic and commercial relations In the last two decades, bilateral trade between India and Italy has grown 12 times from 708 million EUR to 8.5 billion EUR mn EUR India- Italy trade, ,000 8,000 7,000 6,000 5,000 4,000 There has been a turnaround in the India-Italy bilateral trade during the last two years, led by growth in exports from India to Italy. Bilateral trade has increased by 28% between and by18% between Exports from India to Italy grew by 25% in , while exports from Italy to India grew by 10%. 3,000 2,000 1, Import to Italy Export from Italy Total Trade Source: ISTAT 12

18 Section 2 India Italian economic and commercial relations Italian exports to India are led by machines and machine tools and metal and metal products. Indian exports to Italy are led by textile products and garments Exports from India to Italy, 2010 and 2011 Exports from Italy to India, 2010 and bn EUR 4.8 bn EUR 24% 21% 5% 10% 11% 11% 5% 10% 10% 13% 11% 15% 29% 26% Others Machinery and machine tools Vehicles Chemicals Metal and metal products Coke and refined petrol products Textile, clothing, hides and accessories Import of coke and petrol products from India to Italy grew the fastest between bn EUR 3.7 bn EUR 28% 28% 8% 8% 11% 9% 12% 11% 42% 44% Others Chemicals Vehicles Metal and metal products Machinery and machine tools Textile products and garments account for nearly a fourth of the total Indian exports to Italy. Vehicles imported from India to Italy are largely vehicles produced by foreign companies (mainly Korean and Japanese) which have set up their operations in India Machines and machine tools are the main exports from Italy to India, followed by metals and metal products. Source: ISTAT 13

20 Section 2 India Italian economic and commercial relations Italian investment in India has crossed over 840 mn EUR between April 2000 and March 2012, accounting for 0.6% of cumulative foreign investments in India within the same period Cumulative foreign investments to India from April 2000 to March 2012 (bn EUR) 49.4 MAURITIUS SINGAPORE UNITED KINGDOM JAPAN U.S.A NETHERLANDS CYPRUS GERMANY Italy, with a share of 0.6%, ranks 13th in the overall list and seventh among the EU countries--after the UK, the Netherlands, Cyprus, Germany, France and Spain. In the last 12 years, Italian cumulative FDI to India have reached 840 million EUR, against 12 billion EUR from the UK, 3.5 billion EUR from Germany and 2 billion EUR from France. FRANCE UAE SWITZERLAND SPAIN ITALY SOUTH KOREA HONGKONG CAYMAN ISLANDS Italian FDI in India - FY2012 Of the total FDI inflow of 36 billion EUR in FY2012 (April 2011-March 2012), Italy accounted for 0.3%, with a net investment of 120 million EUR. As investments from other foreign countries increased, Italy has moved down one position (to rank 13 th in FY2012 compared to 12 th in FY2011) in the top investors ranking for India. Net annual FDI inflow from Italy to India (mn EUR) % of total FDI in the year FY % 12 FY % 13 Rank Source: Department of Industrial Policy and Promotion (DIPP), Government of India, PwC analysis 15

21 Section 2 India Italian economic and commercial relations As per European sources, Italy was the fourth largest EU investor in India accounting for 6.2% of cumulative EU investments into India from Cumulative EU investments to India from 2000 to 2011 (bn EUR) 34.6 FDI inflow from Italy to India (mn EUR) mn EUR EU (27 countries) Germany United Kingdom France Italy Netherlands Sweden Finland Spain Denmark Austria Italy had a share of 6.2% of total cumulative EU investments in India (from 2000 to 2011) making it the fourth largest investor in India after Germany, the UK and France. Cumulative Italian investment in India from 2001 to 2011 registered a positive trend, although increasing at a slower pace and volume compared to other Indian trading partners. Source: EUROSTAT As per data from EUROSTAT, Italian FDI inflow to India in 2011 amounted to 632 million EUR, accounting for 5.3% of total FDI inflow from EU to India. This data differs from the data on the previous page provided by the Department of Industrial Policy and Promotion (DIPP) in India. Some difference in estimates between the two sources can be attributed to the fact that Indian data are gathered based on the fiscal year (from 1 April to 31 March), whereas EUROSTAT data follow the calendar year. Data provided by DIPP seem to reflect consistently lower EU investment in India when compared to that provided by EUROSTAT. 16

22 Section 2 India Italian economic and commercial relations Italian companies in India As per estimates from the Commercial Section of the Embassy of Italy, around 400 Italian legal entities are established in India. In comparison, there are about 1500 German companies in India and 750 French entities while Belgium, Sweden, the Netherlands and Spain count around 130 to 150 companies each. Overall, there are over 3,500 EU companies in India, based on the information provided by other European embassies in New Delhi. Modes of operation of Italian companies in India 60% 15-20% 5% 15-20% Joint venture and wholly owned subsidiary Wholly owned subsidiaries and JVs account for around 60% of the Italian business entities in India (with a little more than half of these being wholly owned subsidiaries). Joint ventures are generally preferred by SMEs, since the Indian partner if carefully identified can be strategic for market understanding, local knowledge of doing business and navigating through administrative and bureaucratic set-ups. In many cases, the JV mode is mandatory in sectors where an FDI cap exists (e.g. multi-brand retail, media and broadcasting, telecommunication services, financial services, etc) Representative office Around 15 to 20% of the Italian companies in India simply have a representative office. This is, for example, the preferred mode of banks which still do not have a commercial network locally. Commercial agent Sales agents account of 5% of the Italian companies in India. This is usually the first step of entry strategy of a company in the Indian market. Others Others include technical collaborations and Indian firms founded by Italian citizens (in professions like architects, designers, t raders and restaurant owners). Source: Embassy of Italy in India 17

23 Section 2 India Italian economic and commercial relations Services and automotive sectors have been the main sectors of interest of Italian companies in India... Sectors of interest Italian companies in India by sector Includes transport, consultancy and financial services Popular regions for settlement/investment 3% 7% 20% Services 4% Automotive 4% Textile and garments 6% 7% 7% 14% 12% 16% Machinery Construction & Building Food Engineering Power Chemical & Fertilizers Furniture Others The automotive sector, including components, has historically been the main sector of investment for Italian companies. Engineering, infrastructure and the construction segment are sectors of interest given the Indian government s ambitious investment plans. Italian companies such as Maire Tecnimont, Ferrovie, Autostrade, Impregilo, Todini, Astaldi have shown a growing interest in the Indian market. Mumbai NCR Bengaluru Chennai The most popular destinations for Italian companies in India are the NCR region that includes Delhi-Noida-Gurgaon (more than 100 companies) and Mumbai-Pune (more than 100 companies). Chennai (25-30 establishments) and Bengaluru (around 20 companies) follow these regions. Source: Embassy of Italy in India 18

27 Section 3 Mapping the opportunities in India The north and south together account for almost 55% of India s GDP. The west and south are more prosperous with a higher GDP per capita The north, south and west together account for 77% of India s GDP. Region-wise share of GDP (FY11) Central North-East 5% 3% East 15% North 27% The west and south are more prosperous than other regions in India with a higher GDP per capita. State-wise GDP per capita, USD (FY11) West 23% South 27% The west accounts for over a third of the total FDI (between April 2000 and January 2012) in India. Region-wise share of FDI (April 2000-January 2012) 1 Central East 1% North- East 1% 0.05% South 16% North 21% 1. Includes only FDI equity component West 39% Region not indicated* 22% * Represents, FDI inflows through acquisition of existing shares by transfer from residents to non-residents. For this, RBI regional wise information is not provided by the Reserve Bank of India. The west and south have a GDP per capita >1400 USD GDP per capita by state (FY11) >1900 USD USD USD <900 USD Source: Planning Commission of India, IMF, Department of Industrial Policy and Promotion, Government of India, PwC Analysis We have profiled select leading states in India across each region in the subsequent slides. 22

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